| Schedule of Earnings (Loss) Per Share, Basic and Diluted |
The following table presents a reconciliation of the net (loss) earnings and shares used in calculating basic and diluted (loss) earnings per share for the years ended December 31, 2025, 2024 and 2023:
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Year Ended |
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December 31, |
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(in thousands, except share data) |
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2025 |
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2024 |
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2023 |
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Basic (Loss) Earnings Per Share: |
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Net (loss) income |
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$ |
(454,300) |
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$ |
298,168 |
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$ |
(106,371) |
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Dividends on preferred stock |
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(52,791) |
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(47,136) |
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(48,607) |
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Gain on repurchase and retirement of preferred stock |
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— |
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644 |
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2,973 |
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Dividends and undistributed earnings allocated to participating restricted stock units |
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(1,309) |
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(1,693) |
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(1,220) |
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Net (loss) income attributable to common stockholders, basic |
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$ |
(508,400) |
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$ |
249,983 |
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$ |
(153,225) |
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Basic weighted average common shares |
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104,111,993 |
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103,562,824 |
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95,672,143 |
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Basic (loss) earnings per weighted average common share |
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$ |
(4.88) |
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$ |
2.41 |
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$ |
(1.60) |
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Diluted (Loss) Earnings Per Share: |
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Net (loss) income attributable to common stockholders, basic |
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$ |
(508,400) |
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$ |
249,983 |
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$ |
(153,225) |
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Reallocation impact of undistributed earnings to participating restricted stock units |
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— |
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(77) |
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— |
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Interest expense attributable to convertible notes |
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— |
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18,199 |
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— |
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Net (loss) income attributable to common stockholders, diluted |
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$ |
(508,400) |
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$ |
268,105 |
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$ |
(153,225) |
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Basic weighted average common shares |
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104,111,993 |
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103,562,824 |
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95,672,143 |
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Effect of dilutive shares issued in an assumed vesting of performance share units |
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— |
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477,465 |
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— |
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Effect of dilutive shares issued in an assumed conversion |
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— |
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9,049,219 |
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— |
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Diluted weighted average common shares |
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104,111,993 |
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113,089,508 |
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95,672,143 |
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Diluted (loss) earnings per weighted average common share |
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$ |
(4.88) |
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$ |
2.37 |
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$ |
(1.60) |
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